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The rupee pared most of its early morning losses and was trading marginally down by 5 paise at 69.31 against the American currency, after the Reserve Bank of India cut its repo rate by 0.25 per cent on Thursday.
The rupee had opened on a weak note at 69.41 at the interbank forex market and then fell further to 69.45 vs the USD. Following the RBI’s Monetary Policy Committee (MPC) decision, the local currency recovered most of the lost ground.
The domestic currency was trading at 69.31 at 12.48 pm, down 5 paise over its last close.
The rupee had settled at 69.26 against the US dollar Tuesday.
Indian bonds and Forex markets were closed on Wednesday on account of Id-Ul-Fitr.
Forex traders said, foreign fund outflows and rising crude oil prices also kept pressure on the Indian rupee. Moreover, heavy selling in domestic equities also weighed on the local unit.
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